Shares of Fate Therapeutics Inc.
plunged 56.8% in premarket trading, putting them on track for a record one-day selloff, after the biopharmaceutical company announced the termination of its collaboration with Janssen Biotech Inc. and announced job cuts. The company said it had declined Janssen’s proposal to continue the collaboration on “revised terms and conditions.” The company added that it was cutting its workforce to about 220 employees, which compares with a workforce of 279 as of Dec.
plunged 56.8% in premarket trading, putting them on track for a record one-day selloff, after the biopharmaceutical company announced the termination of its collaboration with Janssen Biotech Inc. and announced job cuts. The company said it had declined Janssen’s proposal to continue the collaboration on “revised terms and conditions.” The company added that it was cutting its workforce to about 220 employees, which compares with a workforce of 279 as of Dec.